| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP16219
|
| DP16219 Sustainability in a Risky World |
| Ian Martin; John Y Campbell
|
| 发表日期 | 2022-03-19
|
| 出版年 | 2022
|
| 语种 | 英语
|
| 摘要 | How much consumption is "sustainable"? We view sustainability as a requirement that welfare should not be expected to decline over time. We impose this requirement as a prior constraint on the consumption-savings-investment problem, and study its implications for saving, risky investment, and the social rate of time preference. The constraint does not distort portfolio choice, but it imposes an upper bound on the sustainable time preference rate and on the sustainable consumption-wealth ratio, which we show must lie between the riskless rate and the expected return on optimally invested wealth. For plausible parameter values, the sustainable consumption-wealth ratio is considerably higher than both the riskless interest rate and the consumption-wealth ratio permitted by the Ramsey rule of zero social time preference. |
| 主题 | Financial Economics
; Macroeconomics and Growth
|
| URL | https://cepr.org/publications/dp16219-0
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546097
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推荐引用方式
GB/T 7714 |
Ian Martin,John Y Campbell. DP16219 Sustainability in a Risky World. 2022.
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